Singapore will launch a blockchain pilot to cut waiting times for container ships and the risk of fraud, according to the Minister for Communications and Information S. Iswaran.
Minister Iswaran announced the project, called TradeTrust, in a speech to Singapore’s parliament on March 4, 2019, during a debate on his department’s budget.
He said it will turn paper-based bills of lading into digital documents that can be shared and accessed when container ships dock and unload in Singapore and consequently cut costs and the risk of fraud, and therefore make Singapore a more attractive business hub.
A recent Port Technology technical paper explored Singapore's transformation into a next-generation port
“TradeTrust is an initiative to develop a set of standards to help businesses securely exchange digital trade documents,” Minister Iswaran said.
“It will enhance our attractiveness as a business hub and improve the efficiency of our trading and logistics sectors.
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“IMDA and other government agencies are now working with industry partners to conduct proof-of-concept trials and will provide more details later.”
The Singaporean authorities, according to national media outlets, estimate that trade document processing and administration adds 20% to the physical cost of a single container.
The project comes after a previous initiative, which PTI reported on, between Singapore’s national carrier, Pacific International Lines (PIL) and tech giants IBM to utilize blockchain in the maritime supply chain.